Mubasher: The price of Omani oil for September delivery dropped by $1.07 per barrel (pb) on Friday to close at $39.83 pb, from $40.90 pb on Thursday, according to data by the Dubai Mercantile Exchange (DME).
Globally, oil prices were down Friday for the sixth session in a row on the back of fears of an oil supply glut and following data showing a rise in US oil supply by 1.7 million barrels last week.
US crude futures fell below $41 pb on Friday, for the first time since April, pressured by growing supplies. Baker Hughes Oilfield Services on Friday reported an increase in oil and gas rigs in the US last week for the fifth consecutive week.
A survey conducted by Reuters, also released Friday, showed a daily growth of 100,000 barrels of oil per day in July for members of the Organisation of Oil Exporting Countries (OPEC) compared to June.
The rise was backed by a production boost from Iraq and Nigeria, the survey revealed, adding that OPEC production increased to 33.41 million barrels per day (mbpd) in July from 33.31 mbpd in June.
